THROUGH HARD TIMES! Be thankful for the hard times in your life, for they have made you.
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Bitcoin Cash – the blockchain that forked off Bitcoin in 2017 – has just reduced its block rewards by half, causing many miners to see gross margins drop to near zero.
That means miners competing for block rewards on the network will see their immediate mining revenue reduced by half, resulting in no or slight returns despite investments in costly mining equipment.
The mining difficulty and hash rate on bitcoin cash – a measure of how much miner power is participating on the network – has recently been on a downward trend in the run up to the halving, dropping from around five exahashes per second (EH/s) in mid-February to 3.3 EH/s currently.
The trend is in line with the price decline of BCH, which dropped from $492 around mid-February to as low as $165 in mid-March – though it’s since bounced back over $250. At press time, BCH is changing hands at $268, according to CoinDesk’s price index, a 2.7 percent jump over the last 24 hours.
Based on data from F2Pool, at BCH’s current price and the network’s latest hash rate, a wide range of the mining equipment that was launched in 2018 and early 2019 are now generating negative daily profits, if assuming an average electricity cost of $0.05 per kilowatt-hour (kWh).
Even some of the most recent models that hit the market late last year and in early 2020 are seeing gross margin drop to around 10 percent. Only those most powerful models like MicroBT’s WhatsMiner M30S or Bitmain’s AntMiner S19 or S17 Pro would be able generate a margin above 30 percent, but the manufacturers have not yet been able to deliver these models to the market in large numbers.
That said, as more unprofitable miners unplug from the Bitcoin Cash network as is expected, mining difficulty will further decrease, dynamically increasing the mining revenue for those who can afford to stick to the game.
Furthermore, specialized mining devices (commonly known as ASIC miners) based on the SHA-256 algorithm – which is adopted by Bitcoin, Bitcoin Cash and Bitcoin SV – are able to switch between different networks that use the same algorithm.
The Bitcoin Cash event foreshadows the halving scheduled for the Bitcoin network in about 35 days. Bitcoin is 26 times larger than BCH in terms of market capitalization.
The 14-day rolling computing power connected to the Bitcoin network is currently at 105 EH/s, which has seen a 5 percent uptick after having decreased by nearly 16 percent late last month.
Meanwhile, Bitcoin SV, the network that forked off the Bitcoin Cash blockchain in late 2018, is also scheduled to go through a block reward reduction in about a day. The price of BSV has jumped by 9 percent to $209 over the past 24 hours ahead of the scheduled event.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
In sports, there are rarely fights in the winning locker room. But when a team loses, the finger-pointing sometimes begins — especially if the team management has broken down. The same is true in business.
People from different departments may be celebrating and high-fiving when things are going well. But when a quarterly target is missed, defenses go up — and different camps within the company often turn against each other.
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This problem within organizational culture can be exacerbated in times of high stress or crisis. There were already concerns about a looming recession before the COVID-19 outbreak put those fears into overdrive. Businesses know they could face a tough time in the months ahead. It’s an extremely stressful time for people at all levels of an organization. In addition to its impact on our well-being and mental health, stress can also damage business relationships. And with millions of people suddenly working remotely, there’s currently the added challenge of needing to repair damage done to business continuity and relationships virtually.
It’s crucial that businesses work to achieve unity. The financial incentives of a unified, collaborative workforce are clear. Deloitte found that greater collaboration creates value and saves time inside organizations. This also leads to higher-quality work output.
But even companies keenly aware of these benefits can fall into the finger-pointing trap. I’ve seen it happen. My background is in both sales and marketing — two departments that notoriously have high levels of conflict. Similar strife can happen anywhere in an organization.
It’s up to leaders and managers to ensure that it doesn’t. That means running the business so that different departments are not just aligned, but integrated. This doesn’t happen simply through social activities and team bonding initiatives. Instead, it takes active efforts, year-round, to create a “one team” mentality.
Here are three key steps that can go a long way toward building collaborative relationships and ending the blame game in your organization.
Build Cooperation Into Compensation Structure
Businesses have long struggled with the question of how much to reward individuals, teams, and the entire company for successes. As a research paper published by Marquette University explains, “Without rewarding individual performance, people may shirk their responsibilities; but without rewarding collaboration, people may not be motivated to work together.” Thus, businesses incentivize cooperation through compensation. An example from the research was Cisco, which tied bonuses directly to customer satisfaction data.
Delta has worked to do something similar by providing a profit-sharing incentive, giving everyone in the company something to look forward to when results are achieved.
At Sales Hacker (which I founded) and now at Outreach (where I’m vice president of marketing), the entire staff receives bonuses based on revenue generated. After all, when the sales teams hit their numbers, it’s with the help of the marketing team that provides materials, product teams that churn out new features, success and support teams that keep customers happy, and all of the other valuable work from employees across the organization.
Prioritize Cross-Functional Projects
Teams that pull people together from across different units can bring different expertise and perspectives to help design new innovations inside a company. In the process, the members of these teams build relationships with each other. The more employees from different departments are put into such cross-functional teams, the greater their units integrate throughout the business.
There’s also another benefit to cross-functional projects: Creating these kinds of diverse teams can help expose fault lines. When this tension is exposed, it’s up to the manager of the team to focus on building bridges and enhancing understanding.
Set the Example at the Top
Managers should have regular, positive interactions with their counterparts across the company. Then they should share the results of those interactions. During conference calls and team meetings, they should discuss what they learned from other teams and emphasize the value.
It’s also important for managers to build relationships with members of other teams who are not at the managerial level. Offer open invitations for members of another team to grab coffee or have lunch (including virtually during the pandemic). Use these times to ask them detailed questions about their work, their challenges, and how your team can help. Then discuss the positive, helpful ideas with their manager and act based on what they said.
I’ve implemented these strategies in my work, and it pays off. I learn things from individuals across different teams that give me new ideas to bring back to my reports. I also have a close relationship with my counterpart in marketing and work to foster relationships across the company.
Physical arrangements can also help. In office spaces, put teams near each other in order to foster communication and relationships. When working remotely, managers should encourage employees to use videoconferencing to have conversations with members of other teams — conversations that go well beyond the brief messages that fill email or Slack.
The more this becomes standard practice across an organization, the more the entire company stands to gain.